Gammon Infrastructure up 9%, Brookfield to buy remaining assets

Moneycontrol BureauShares of Gammon Infrastructure Projects surged 9 percent intraday Wednesday on media reports that Brookfield is close to purchase remaining assest in road and power projects, as part of the deal struck in 2015. Earlier in August 2015, Brookfield had entered into a share purchase agreement to buy nine assets of the company out of which six assets were already purchased by Brookfield in first tranche in February 2016 for Rs 380 crore.The second tranche, that is likely to be closed soon, includes Vijayawada Gundugolanu Road Project, Sikkim Hydro Power Ventures and Pravara Renewable Energy. The company will get a total of Rs 160 crore from second tranche sale.The company's board meeting will be held on August 25, 2016, to consider and approve the un-audited financial results for the quarter ended June 30, 2016.At 10:44 hrs Gammon Infrastructure Projects was quoting at Rs 5.50, up Rs 0.22, or 4.17 percent on the BSE.Posted by Rakesh Patil